Concord signs with BOI for a shoe factory
The Board of Investment (BOI) recently entered into an agreement with Concord Footwear Ltd., a new Concord group company, to establish a footwear factory in the Ulapane industrial zone.
The agreement was signed by board members Dr Harsha Cabral and Sanjay Kulatunga on behalf of BOI and Concord Apparel CEO Prasanna Jayasinghe.
This footwear unit will manufacture, using advanced technology, safety footwear for international markets. The company plans to employ around 350 local staff, with the aim of sourcing and developing rural talent and providing meaningful employment through the necessary vocational training.
We will initially rely on foreign expertise for the manufacture of its shoe uppers until local capacities are developed in the short term. The company subsequently aims to expand its coverage to include the operations of a full line of footwear products.
BOI President Sanjaya Mohottala said: “While we congratulate Concord Group on their foray into the footwear business, we thank them for taking the initiative to seize significant potential in rural Sri Lanka and to help stimulate the Sri Lankan economy. With the availability in Sri Lanka of the raw materials required on the island and the skilled and talented workforce throughout the country, we are confident that this will provide lucrative opportunities for Concord and the social and environmental landscape in which it is located. operates.